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Big Tax Break: Qualified Improvement Property

Big Tax Break: Qualified Improvement Property

Mar 31, 2022 | Income Tax

Do you own or lease non-residential (think “commercial”) real property for your business, or rent non-residential real property to others? If so, interior improvements you make to the property may be fully deductible in a single year instead of over multiple years....
Reverse Mortgage as a Tax Planning Tool

Reverse Mortgage as a Tax Planning Tool

Mar 24, 2022 | Income Tax

When you think of the reverse mortgage, you may not think of using it as a tax planning tool. If you are house rich but cash poor, the reverse mortgage can give you the cash you desire, save you a boatload of both income and estate taxes, when used in the right...
Selling Your Home to Your S Corporation

Selling Your Home to Your S Corporation

Mar 17, 2022 | Income Tax

The strategy behind creating an S corporation and then selling your home to that S corporation comes into play when you want to convert your home to a rental property and take advantage of the exclusions, or you need more time to sell the home to realize the benefits...